Hydro top managers set up integration and restructuring consultancy

October 15, 2002, 01:00 CEST

Three high profile Hydro managers have decided to leave Hydro to set up their own consultancy, where they will offer special expertise in integration and restructuring processes. Hydro will have a 25 percent interest in the new company.

The three Hydro senior vice presidents who intend to concentrate their integration and restructuring expertise in an independent company are Henrik Andenæs (52), Tor-Geir Engebretsen (46) and Bjørn Vold (53).

All three were leading figures involved in the integration project following the acquisition of the German aluminium company VAW AG. Prior to that, Henrik Andenæs was head of Corporate Communications for the group, while Tor-Geir Engebretsen was the company's head of Human Resources for Norway, playing a vital role in major corporate restructuring processes. Bjørn Vold headed Hydro's IT function for many years. All three have also previously held top management jobs outside of Hydro.

Specialist expertise

Executive vice president Alexandra Bech, who holds overall responsibility for organization and competence in the company, points out that Hydro has carried through some big restructuring projects during the last three or four years. These range from the refining of core business to divestments, improvement programmes and major acquisitions in the oil and aluminium sectors. The most recent of these was the acquisition of the German company VAW, which was fully integrated in Hydro Aluminium in the course of the year.

"These processes have considerably added to Hydro's experience and enhanced the specialist expertise of key employees. This expertise has been partially developed in close cooperation with several of the big international consultancy firms," says Bech.

To further develop this expertise Hydro, together with Henrik Andenæs, Tor-Geir Engebretsen and Bjørn Vold, has decided to set up a separate company that will offer consultancy services centered mainly on integration and restructuring processes.

The company, to be called ITC Partners - the initials stand for Integration, Turnaround, Change - will be 25 percent owned by each of the three partners and Hydro. Hydro has signed a three year agreement with ITC Partners to secure access to required capacity, but the new company also intends to work with customers outside of Hydro.

"Sowing the seeds for new growth"

Alexandra Bech has great faith in ITC Partners: "We look upon the formation of ITC Partners as sowing the seeds for new growth. Given the rate of change that Hydro is expected to experience in coming years, we will have considerable need for the sort of experience and expertise the three partners possess."

"The model we have chosen makes it possible to combine Hydro's need for specialist expertise with the partners' desire to set up their own business. I am also convinced that the best growth opportunities for cultivating such expertise are found in this model, where the partners are in the driving seat and are able to combine their work for Hydro with assignments for other customers."